Offshore drilling contractor Noble, which still trades in Copenhagen after the merger with Maersk Drilling, adjusts the company’s full-year 2022 guidance after closing the year’s fourth quarter 

The company expects earnings before interest, taxes, depreciations and amortizations of USD 140m-150m rather than previously expected USD 155m-175m.

”The reduction is primarily related to the previously reported mechanical issues on the Noble Regina Allen,” writes Noble in a stock exchange announcement.

Problems aboard Noble Regina Allen stem back to December, and now the rig has been transported to a port in Trinidad while waiting for repairs.

As a consequence, the rig has been off day rates and its contract has been terminated.

The company’s insurance only covers repairs which means that it will have to shoulder operating expenses and loss of hire itself.

The company is focused on repairing Noble Regina Allen in order for it to be redeployed in the second half of 2023, but timing is still uncertain, the offshore driller states.

New order announcement

Along with the adjusted operating result, Noble informs of a new contract to have been awarded drill ship Noble Stanley Lafosse on a six-well work program in the Gulf of Mexico, while drillship Noble Faye Kozak receives a one-well contract, also in the Gulf of Mexico.

The former contract is expected to commence around June this year and is to keep Noble Stanley Lafosse employed until mid-2024, while the latter contract runs for 50 days with a USD 450,000 day rate. Here, work is expected to begin in Q2 og Q3 this year.

Drill ships Noble Gerry de Souza and Noble Globetrotter I are both expected to commence new contracts soon, informs Noble.

English edit: Simon Øst Vejbæk